Money Laundering in Cyprus.docx - Running head MONEY LAUNDERING IN CYPRUS Money Laundering in Cyprus Name Institution Affiliate Course Date 1 MONEY

Money Laundering in Cyprus.docx - Running head MONEY...

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Running head: MONEY LAUNDERING IN CYPRUS 1 Money Laundering in Cyprus Name Institution Affiliate Course Date
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MONEY LAUDERING IN CYPRUS 2 Introduction Money laundering can be defined as a process of converting illegal proceeds into legal assets but hiding their exact criminal origin. In most cases, the money launders buy genuine assets in cash and then sell them in form of check that will be transferred to banks. In 1992, the republic of Cyprus enacted legislation that criminalises money laundering. The law was aimed to eliminate and suppress of money laundering activities. The most common forms of money laundering are; money from drug trafficking, financing terrorism, corruption by the government officials and illegal gambling. In this paper, we are going to explain the offence of money laundering in Cyprus and how casino business is associated with the crime. The central bank of Cyprus is the main body that deals with money laundering, the CBC is the component authority for enforcement of provision of legislation in relation to financial activities of all the financial institution supervised by the Central Bank of Cyprus (CBC). The
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  • Spring '17
  • HERICK ONDIGO

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